Bitcoin Price Prediction as BTC Rally Intensifies with $20 Billion Trading Volume – Can BTC Reach $30,000 This Week?
Bitcoin, the world's largest cryptocurrency, has been experiencing an uptick in its price, surging by over 4% in the last few hours. However, the gains in Bitcoin's price seem to be fading, and it has lost some of its recent increases.
This could be because some experts, like Gareth Soloway from InTheMoneyStocks.com, predict that Bitcoin will drop to below $13,000, which has had a negative impact on investor sentiment and contributed to the latest modest losses.
At the same time, the future of Bitcoin still appears bright, with experts forecasting a price surge. Balaji Srinivasan, a former Coinbase executive, has bet $2 million that Bitcoin will reach a value of $1 million within 90 days.
Meanwhile, Marshall Beard, the Chief Strategy Officer of US cryptocurrency exchange Gemini, anticipates that Bitcoin will reach $100,000 this year.
Consequently, this positive outlook is considered one of the important factors that may help BTC in limiting its minor losses.
The global cryptocurrency market has gained momentum and experienced a spike in value as fears about a financial crisis have eased, leading to increases in both the crypto market and other market stocks.
Furthermore, investors are awaiting the release of the Personal Consumption Expenditures (PCE) price index, which is the Federal Reserve's preferred inflation gauge, on Friday.
According to data released on Thursday, jobless claims rose more than expected, and fourth-quarter GDP growth was slightly lower, both indicating a cooling labor market and supporting the case for a softer Fed policy. As a result, the softer Fed policy could lead to a weaker dollar, which may benefit BTC.
Additionally, the cooling labor market and lower GDP growth may lead investors to seek
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